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Graphs and statistics provided by the Sarasota Association of Realtors
The statistics are in for May 2009 Sarasota Florida real estate sales:
There is more good news for the Sarasota housing market according to statistics released by the Sarasota Association of Realtors. In May 2009, overall home sales in the Sarasota real estate market exceeded 500 for the second time since June 2008, inventory levels continue to drop (the best news we can possible receive).
The overall sales level of 506 sales included 375 single family homes and 131condominiums, nearly identical to the April 2009 numbers – 367 homes and 138 condos, respectively. Pending sales also remained at highly elevated levels, with 719 pending sales for single family homes and 210 pending sales of condominiums in May. The overall total of 929 pending sales is great news, with only slightly less than the April 2009 number of 981 pending sales (which was a big number not seen since the boom). The trend for pending sales has been upward for several months. The total of 929 was 34 percent higher than the 692 pending sales reported in May 2008. Pending sales have now exceeded the 500 level for the 17th consecutive month. The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month.
Sarasota Homes:
There were 5380 residential homes actively listed in May 2009. This number has been trending down for several months now. In April 2009, there were 5569, and a year ago there were 9530 homes on the market. Great news! If you are planning to sell, count on an average market time of 195 days (but this varies greatly depending on the price range of the house). The median price is $155,000, down slightly from the figure of $160,000 in April 2009. The median price of all single family homes sold in the last 12 months was $205,000. The large amount of bank foreclosures and short sales by sellers are still driving prices lower, but buyer activity is picking up as we see inventory shrinking. Until inventory gets to 6 months or less, we will most likely continue to see prices reflect the overage in supply. Months of home supply on the market (which is the number of months it would theoretically take to sell all the current properties for sale ) now stands at 14.3 months for single family homes, as compared to 22.9 months last year April 2008. Even comparing last month of 15.2, it appears the positive trends are continuing. The sooner we get to 6 months of supply, the better!
Sarasota Condominiums:
The Sarasota condo market is also improving, however there is much more ground to cover in order to stabilize prices. In May 2009, there were 2488 condos on the market, as compared to 2635 in April. A year ago in May 2008, there were 5112 condos on the market. Last year, there was a 24.3 month supply of condos, and now Sarasota is currently experiencing a 19 month supply. (a long way to go for a balanced Sarasota condo market, but trends are improving) The median sales price for condominiums stood at $181,000 in May 2009, also slightly lower than last month’s figure of $182,750. For condominiums sold in the last 12 months, the median sales price was $230,000, compared to last year’s figure of $385,000. Naturally, prices will need to continue to decline to dry up this excess inventory.
Summary:
Historically low interest rates, the first-time homebuyers’ tax credit of $8,000, and the influence of government programs designed to ease the deep national recession have all been factors in the local real estate market recovery efforts. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1, 2009 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid. Across the nation, this has led to a surge in first-time buyers, and Sarasota has mirrored the national trend. There is even legislation on the table to open the tax credit up to all home buyers, not just first time home buyers. I will report more on this as I receive the information. The health of the Sarasota real estate market in May 2009 continues to improve for both single family homes and condominiums as inventories continue to decline. This really is a great time to jump off the fence nad buy while prices are low, interest rates are low, and buyers have access to some great incentives!
